January 2025
This report provides an analysis on the key trends in FinTech investments in Singapore for the full year of 2024, with a deep dive for the fourth quarter (Q4 2024)1 , including a comparison with selected global and regional competitors (“coverage universe”).
For the full year (FY) of 2024, total FinTech investments across our coverage universe2 continued to decline, of approximately 20%, compared to 2023.
Singapore reported a total of US$1.8 billion (B) in FinTech investments from 121 disclosed3 deals, a decline of 13% from the previous year, the lowest percentage reduction in our coverage universe. In contrast, major markets like United States, United Kingdom, China and India faced more pronounced reductions of 16%, 22%, 73% and 37%, respectively, over the same period.
Singapore continues to maintain its global number 4 position (by FinTech investment value) behind the United States, United Kingdom and India, and remains a key leader in Asia, especially in Southeast Asia.
In Q4 2024, Singapore's FinTech funding was US$478 million (m), an increase of 25% from Q4 2023. For this quarter, the key verticals driving investments in Singapore, included Digital Banks at US$250m, followed by Insurtech at $100m, and Digital Assets at US$47m. The biggest transaction during this quarter in Singapore was Tyme Group (Digital Banks) at US$250m.
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